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ary duties secure the trustworthiness of fiduciaries. Arguing that fiduciary duties enti-tle entrustors to trust and rely on fiduciaries honesty, she states: Although courts sometimes describe entrustors as persons who actually trust their fiduciaries, courts have not required such actual trust as a basis for
- Introduction
- I. The Problem of Definition
- II. The Animating Forces of Fiduciary Duties
- III. Understanding The Purpose of The Fiduciary Concept
- Conclusion
- Annex
Why is the fiduciary concept so difficult to understand? After all, its history in English law dates back more than three hundred years and its philosophical and doctrinal origins reach back even farther. Fiduciary principles in common law jurisprudence predate even the seminal case of Keech v. Sandford1×1. [1726] EWHC Ch J76, Sel Ca t King 61, 25 ...
A. The Uncertainty of the Fiduciary Concept
Commentators in jurisdictions like Canada, the United States, England, Australia, and New Zealand routinely discuss the fiduciary concept in relation to a wide variety of scenarios.12×12. Fiduciary law has been applied, inter alia, to the relations between: parent and child; guardian and ward; doctor and patient; director or officer and corporation; tax adviser and client; partners; joint venturers; friends; Aboriginal band and Crown; former spy and government; army officer and government; li...
B. The Function and Purpose of the Fiduciary Concept
The mutability of fiduciary principles allows for their application to a wide variety of disparate fact situations and equally broad variety of interactions, but simultaneously renders the fiduciary concept inimical to precise definition. Many have attempted to define the fiduciary concept,27×27. See supra, note 23, Annex.Show morebut capturing its true nature has remained elusive. The best explanation for the failure to formulate an adequate definition of the fiduciary concept rests, perhaps...
The section that follows outlines the “essential fiduciary points of emphasis” that illustrate what is necessary to the practical implementation of the fiduciary concept and what ultimately separates it from other legal doctrines (Part II-A). This section seeks to render more concrete the more philosophical discussion of the fiduciary concept that ...
A. Focusing on the “Big Picture”
As has previously been suggested, the fiduciary concept is the purest doctrinal expression of equity. It proudly exhibits a strong ethical focus that draws from its historical connection to Canon law as well as its roots in traditional notions of conscience.148×148. See Rotman, Fiduciary Law, supra note 2 at 176–80.Show more Unlike the traditional bases of civil obligations, which exist primarily to foist liability upon wrongdoers and award relief to aggrieved persons, the fiduciary concept f...
B. Meinhard v. Salmon: Illustrating Fiduciary Purpose
The landmark case of Meinhard is likely the most famous case involving the application of fiduciary principles, surpassing even the seminal case of Keech. It is also one of the leading business law cases in American law. Beyond a doubt, it is the most often quoted and eloquent exposition of fiduciary law’s foundational purpose. In the case, Chief Justice Cardozo makes full use of equity’s unique methodology to fashion a situationally-appropriate result that is consistent with fiduciary law’s...
This article has sought to provide a context in which to appreciate the operation of the fiduciary concept and the purpose it is intended to fulfill. In the process of gaining a greater contextual appreciation of the fiduciary concept and its purpose, this article has elucidated the fiduciary concept’s reason for being, a brief description of the d...
Peter Birks Peter Birks, “The Content of Fiduciary Obligation” (2000) 34:1 Israel L Rev 3. Peter Birks, “Equity in the Modern Law: An Exercise in Taxonomy” (1996) 26:1 UWAL Rev 1. Peter Birks, “The New Equity and the Need for Certainty” in Frank E McArdle, ed, The Cambridge Lectures, 1987(Montreal: Yvon Blais, 1989) 309. Matthew Conaglen Matthew Co...
Leonard I Rotman, Understanding Fiduciary Duties and Relationship Fiduciarity, 2017 62-4 McGill Law Journal 975, 2017 CanLIIDocs 427, <https://canlii.ca/t/2f35>, retrieved on 2024-10-31. Note:
Oct 19, 2024 · Fiduciary duties include the duty of care, which requires fiduciaries to make informed decisions by analyzing relevant information and assessing risks. For example, in investment management, fiduciaries must evaluate financial reports, market trends, and economic forecasts before executing strategies. This thorough approach ensures decisions ...
Mar 29, 2024 · Fiduciary duties arise in various contexts, each with its own set of obligations and responsibilities: 1. Corporate Governance: Corporate directors owe fiduciary duties to shareholders, requiring them to make decisions in the best interests of the company. This includes duty of care, duty of loyalty, and duty of good faith.
The ethical implications of fiduciary duty encompass seven crucial considerations that underpin trust and integrity in various sectors. These include the duty of care, which demands competence; the duty of loyalty, emphasizing the prioritization of the principal's interests; and the importance of full transparency and disclosure.
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May 27, 2024 · Beyond this higher level of responsibility, fiduciary investment management companies in Canada can offer their clients these added benefits: Transparency and Trust: Fiduciary advisors must fully disclose all fees and potential conflicts of interest, fostering a relationship built on trust. Personalized Advice: Fiduciary advisors tailor their ...
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